an announcement is due about 7:45 eastern time. then ecb president mario draghi will be holding a news conference. in earnings news, facebook reporting first quarter results that were basically in line with estimates. the earnings per share came in about a penny below what the first call consensus was. but revenue is slightly above and that may be the more important factor if you're an investor in that company. the social network's advertising company gains momentum. this partially offset higher spending which weighs on profit. shares of facebook, they're up by 1.35%. we're going to talk more about facebook with an analyst who conference the company. also, ing u.s., pricing its ipo at $19.90 a share. that was below the expected range of $21 to $24.

but the offering size is a little above the estimated size. so they were looking for 62.4 million shares. ing will be rebranding itself sometime next year. the shares are due to set trading under the kicker symbol voya. i don't know what was wrong with ing, but in any event, the company will be joiningous friends at "squawk on the street" at 9:50 eastern time. sdwr joe. >> we're going to talk about the markets. an rue, in tv, do you remember it used to be distinct every week it would be different and it would be a different killer and they would find himself and stuff. but now, most of the successful shows, there's a running story line. >> over many years. >> over many episodes. so i want to talk about -- in terms of wa we talked about yesterday with the fed. it used to be we always knew the

fed lived behind us. you saw what happened yesterday. not only did the fed said we're here for you with '85 -- >> multiple. >> they may even be ready to get more. and for the first -- you know, that's the -- >> they've been on that for a while. >> just reading the journal this morning, it says that had federal reserve pressed forward and hindered at even dialing it up, that failed. but if the job market and inflation fails to meet the central bank's expectations, the markets took little comfort from the fed. it says here. now, in the past, that would have done it. >> remember it said if we are japan, if we never get -- >> you skaurd me because that was the first time i really -- but i was saying in a good way because it means they're here for good. >> it means we're japan.

>> i think that's what people realize. >> but in equity likes, and that's a horrible thing. >>. >> you don't need to worry about, you know, that rates are going to go up and udly all our borrowing costs -- >> yesterday when the fed said we're at 85, it's really bad out there and we don't even think 85 is working and we may need to -- when they actually admitted they may need -- it's no longer tapering. >> people expected that by the end of this year. >> the idea that we may not be tapering, we may be going to 105 means the fed has no idea. and i think they're scared to death about a long period of disinflation or deflation. >> six months or a year ago and you started looking through it, people who are living with their parents, they have 11100 year

mortgages, the money gets devalued. >> he's a student of that and i think we saw into his thinking yesterday that he's petrified that they haven't done enough yet. how do we get to 2% inflation, much less 6.5% unemployment. >> dare i say his name, roubini threw out a report last night. he said 2015 is the new 2008. he believes this will end in a massive horrific crisis. >> from the market's perspective? >> i believes inflation is going to arrive in 2015. >> i think a lot of people would be relieved to see a little inflation. >> so would i.

>> this is qe3, isn't it? that was not wrong. and i think a lot of people two years ago, if you really did say two years from now we'll be at 85 billion a month and -- talking about ratcheting it up from there. so the company is, like, dead. >> now they may do more, why did it stay down 140? >> but you used a very -- joke very well that if you doubled and doubled and doubled with the market doubling, now we're -- >> you know at the moment. >> addiction is a progressive disease, too. addicts say that the same amount of heroine after a while is worse. you you need to add more and more and more and then it finally kills you.

>> but how about the doughnut analogy, if you eat too many down i couldn't tells, them maybe -- >> roubini was never worried about the economy. >> we'll see how nasty it is. we're going to go across the pond to the global markets report. join in on the conversation, ross. >> good morning. . >> you're no help. >> you have red arrows everywhere. >> the thing about this is it always could look worse than it is. declines of about 6 to 3 decliners outpacing advancers at the moment. take a look at the individual bourses. you'll see the xetra dax mixed. the dax up 21 points yesterday. the ftse mib up around 0.2%, as well. heavy earnings day today here in

europe. i'll run through probably the biggest one to focus on, really, as well, dutch shell up 1.5% this morning. the ceo will retire in 201437 the first quarter pretax profit came in at $13.3 billion, better than expected. bskyb reported a rise in pretax rovts for nine months ending in march. all for saying they're going to create 550 jobs. it's interesting, the british insurer really bullish stance posted a 28% rise in sales for the first three months of the year. and infineon, the chipmaker stock today in europe up nearly 8.5%. second quarter profit beating expectations. it really is about the ecb and what they will do. there was an expectation. we are waiting to hear about plans for other measures, whether they might think about a

funding for lending scheme which we got out of the bank of england. and ahead of that today we had the finals of the pmis for manufacturing. 46.7 is where they came in. the flash is 46.5 and it's still weaker than the march numbers and it's the german numbers, again, that dragged that down. as far as yields are concerned, yields in italy and spain declining, 3.85% in italy. and this is more on the back of the pm now saying he wants to put growth at the top of the next eu summit. and there is this thought this if they can get the tax potentially on the politics of austerity in europe, that is going to help out both italy and spain and that's why yields continue to move lower in a low-yield environment. that's where we stand right in and out in europe. back to you guys. >> thank you, ross westgate, we will see you very soon. we're now going to tell but a story royaling wall street and washington. the nyse is investigating stock

surges tide to a federal information leak. subpoenas have been issued to firms and individuals w in connection with a leak last no. that case in question deals with a d.c. political intelligence firm which alerted its clients that the government would soon make a decision favoring health insurers who participated in a medicare program. that alert talked to surges carrying several major health concerns. the official government was not made until the next day. joining us to toss about what this means. good morning. >> good morning inside information is a very funny thing. if you know about a merger before the merger, i understand. there's a lobbyist or somewhere in washington who gets a heads up or is somehow involved in the people's business, if you will,

is that information insider information? and that's what this case is ultimately going to be about. >> that's exactly what it's about. this is about expert networks inside the beltway and that is you have people who troll the halls of capitol hill troll the halls of the agents, whether as lobbyists or as researchers and are providing that information, that service to a client, either as an advocate, as a lobbyist or as a researchers because it can influence how companies act, what they do with respect to policies and, yes, these companies also sell ta information to hedge funds, to professionals who trade on wall street and that's exactly what this is about. but ultimately, i think it's somewhat analogous to the whole issue involving expert networks, which is the mosaic feeling. if you have kwaupt quality research that's taking place on capitol hill by individuals and being sold so that an investment decision can be made in a more

sophisticated, more informed way, that does not constitute insider trading. it does if it crosses that line and there's actual material nonpublic information. but we talked about the halls of capitol hill where rumors abound, discussion concepts are always in play. i think this is a very gray area. >> to me, there's a distinction and a difference. in the corporate sphere, everybody involved in a transition or what otherwise would be considered inside information has a duty, a duty to the company and the information is clearly -- the information is clearly confidential. in the government context, it's not clear to me that the information necessarily is even supposed to be confidential. >> andrew, that's exactly the point. and i think that one of the fundamental issues, when you get back to what is insider trading is material nonpublic information. one is is it material? but the other one is the one you

just hit on, which is nonpublic. i'm not sure that this is. and then you have the whole issue of the speech and debate clause, the fact that the legislators, staff, do actively engage in discourse to figure out what's in the best interest of policy, what's in the best interest of a particular district. i'm not really sure it is nonpublic. >> where does this all go if that's the case? >> an investigation that normally runs its course highlighted because of the story that came out in november of 2011 about why the stock act about whether members of congress are actually profiting some information that they have. is so, naturally, there are going to be investigations. if there's a lean that was crossed, in other words, someone actually had material and agency you point out nonpublic information, we could see an action. we have never yet seen an action

against a staff member. >> do we want the rules to change? with so many people floating around the beltway tying to get this information, to the extent it is available in public but only to those willing to pay, do we want to change the rules? >> i think we do not. there has to be a balance between rules, regulation and congress to do its job. and there are always advocates on the hill who are seek to go change the rules or impose the rules. but the fact is, our system does work. it can always be tweaked. there are bases for bringing forth some cases where lines are clearly crossed. but i'm not sure this is it because the goal is not to frustrate, debate, discourse the engagement. think about the conversations that all are having in the studio about interest rates. imagine if that kind of discussion if a political intelligence person were involved in that discussion on capitol hill, that all of the

sudden that's subject to regulation. i don't think that's what's intended here. but i think the insider trading rule, although we're a common law society and jurisdiction are adequate. i don't think there needs to be regulation in this area. >> thank you for joining us. >> thank you. when we come back, we're going to get the state's reaction to facebook's quarterly results. was that growth in mobile advertising enough to satisfy investors? we'll find out right after this. and later, a cnbc exclusive, billionaire financier ron perelman in his first exclusive cnbc interview. he also controls the global leader in lottery machines and a company whose name you see at the end of almost every movie credit. this is a rare hour-long conversation, one you don't want to miss. and it starts at 8:00 a.m. eastern time.

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welcome back, everyone. u.s. equity futures are indicated a little higher. this comes after a big drop in markets yesterday when the dow was down more than 130 points. this morning, dow futures are up by about 30 points positive fair value. s&p futures up by close to 3 points in fair value. ford is adding 2,000 workers at a missouri plant. the automaker says it needs to

keep up with surging demand for pickup trucks. ford's pickup sales are up about 19% for the year and among some of the reasons, home builders examine construction companies. revenue beating the street's forecast for cigna. is cigna raised its revenue for the year. revenue numbers came in at $4.2 billion. i guess you've got to be facebooked to have huge revenue gain these days. 38% revenue increase and a lot

of that had to do with mobile app sales. everybody is saying mobile, mobile, mobile. that is the key things to worry about and the promise for the future. >> it was really good. the first was mobile revenue which we just mentioned. now it's 30% of all advertising revenue that's came in. and we're looking for engagement to go. we remember very pleased with results especially on the top line. i wonder whether the company was awarded its valuation before somebody does something. i don't understand these things, i don't understand what instagram is. i don't see where there's a barrier to entry.

will this grow into its valuation, ron? >> i think it will. just to be clear, i think we're going to need maybe a quarter, a few more quarterers of good results like we just saw for it to get back to writ was pre-ipo. advertising growth has reaccelerated three quarters in a row now. and we're seeing berts results in the payments business. i do think it's a matter of time. when i look at these results and i try to think what was negative here, i'm not too sure i can find anything to be clear. it's going to take a little bit of time as it has for all advertising mediumses as they adopt new -- which social is. that's something we're waiting to see here. >> someone at facebook watches the landscape out in silicone valley to see what's coming and

can't they continue to monitor the whole landscape and decide where it's going and be the major player? >> i think that's exactly right, joe. we saw that about a year ago with instagram. what's interesting is now they're over 100 million new users up from 22 about a year ago. so they can absolutely continue to buy. but what's interesting to me is that it's sort of hard to build up another social network. once you have your friends, your family, your pictures, the switching cost is relatively high. you see that with linked in and i think you see that with facebook, as well. >> in terms of monetizing it, is there anything new on the horizon that helps make the future brighter in terms of being a moneymaker rather than being a social phenomenon? >> that's what we'll have to see. but i will say one of the

great -- good things that came out of the quarter was from a mobile perspective, not only is 30% of all advertising now mobile, but they actually have a few products that are somewhat differentiated. one oef of them is mobile app installs. you think about the millions of apps available on apple as well as on google play, and it's hard to differentiate this. facebook allows that. it's enabling that through the mobile apps. new products like that, i think that's interesting and we should see continued growth there. >> ron, thanks for your time this morning. slowly, my iphone, you know, those little things -- some people go like this and they have every page, those things, i'm slowly -- >> what page are you on? >> the two are not filled yet. but slowly, people are reaching me. like amtrak, i was taking the amtrak and i was like, where is it? and i went to -- and it said amtrak app, click here.

and boom, done. >> what does it tell you, like where the train is? whether it's on time? >> you just press it, yeah, where it is, where it's visiting. yesterday i'm on drudge or something, you hit on app, now it has a thing, boom, there it is. >> because of my ipad, i even understand this part of it. >> it's happening. future is happening for me. and sooner or later i'm going to fill that page and am going on to the next page. i figure why not? there's no limit, is there? with facebook, have either one of you been parted from any of your dollars based on something that's happening on facebook? >> i still want to know. i know their mobile ad revenue has been better. >> how does it work, though? google figured it out somehow with those key words and all that --

>> no, there isn't anything dramatic about it. when we saw too big to fail, the by, they happen peep to claim their favorite book were "barbarians at the gate" who went to business school wherever. >> every ad you're paying for at that point. but it's probably a book sale. >> that's what's amazing. >> i would think patch and local stuff, isn't that the future, too? with facebook, you need to send it to your community that's on there. >> i would like more privacy, but that may be a generational thing. i think young kids don't want any more privacy. i would like more privacy. >> drinking. >> i saw it in a movie the other day. >> yeah, the father and the watch, which was about -- remember, that was the one that after trayvon they couldn't

bring it out. but vince vaughn has a daughter and he's on her facebook and he sees her making out with this guy and it's everywhere. >> that's the problem. that's what you don't want to see. let's talk more about the markets. joining us right now is marty flanagan. the company manages more than $729 billion. he is attending the investment company institute conference in d.c. today. marty, thanks for being here this morning. >> thank you, becky. it's great to be here. >> you know, as the conference theme i think is perfect. it's unchanging commitment in a changed world, which points out what everyone there is thinking about. the world has been turned on its head when it comes to investments and thinking about your retirement. yet you're still expected to find a way to get north of 8% for investors so that they can feel like they are putting enough aside for retirement. how do you do that? and what do you think about what the fed said yesterday that they may have to step up what they've been doing on a monthly basis?

>> it's a really good point. as you said, it's the theme of the conference. but it is such an extraordinary time and listening to the fed, one of the main topics here and i've been coming here for decades is there's a number of topics about the fiscal strength of the country. and relying on the fed and what's been a topic on the show for months now with just times are stepping up and addressing the fiscal debt. and by doing that, that's going to create the confidence in the marketplace. that's going to create -- bring consumers back. companies will grow, will make the markets grow. that will help retirement plans, etcetera. >> are you holding your breath for that? the idea that we're going to do something more when it comes to the data at this point? >> look, all of us got very excited over the last year. i hold my breath, i don't think we have to keep pickup pushing on that. the reality is the best thing you can do as an individual, great financial advice, focus on

the financial plan and make sure you have very strong retirement. >> but how confident do you feel with the markets to this point? a lot of it has been based on the idea that the fed is going to be there or the economy will start to improve and so they can pull back what they've been doing and the real economy will take over from there. how confident do you feel about that? >> you know what? i think the real economy has been stronger than people have been giving it credit for. if you look at some of the other opinions, the housing, housing starts, there are a lot of good things that i think ultimately, you know, are under the economy and corporations have been very strong. >> not employment. if it's the employment -- >> still 10% in most places. i just thought of something. if we can -- when you think about this whole i wish the fiscal guys would take the time from the central bank, half of the people that want the fiscal guys to take over want them to deal with long-term entitlements

and cut spending. other half want them to do some type of stimulus. some people think we want the fiscal act in order to spend more. the other people want the fiscal -- >> could you do both? could you spend more on infrastructure and do it in a way that you're spending more now and dealing with entitlements down the road? >> i guess you could pretend to do that. >> that's what they should do? i think some people don't want to do any near term cutting. >> spending, you mean? >> no. more spending near term and -- >> go ahead. sorry. >> so we have cut, right? and i don't think we cut in a very smart way. so let's use that as the opportunity to address entitlement reform. everybody knows you have to do it and here, as becky pointed out, and the other theme is retirement and a very important part of that is social security. that's one of three lengths of a very important national retirement program that's in play and that has to be addressed in that overall thing. total tax reforms have to get done. trading to grow the economy.

and, really, let's be thoughtful about what we just did with the spending. i think we all realize it was never meant to happen that way. it's just 2 oak. >> do you think the market continues to find it here? >> look, my personal opinion is i do think underlyiie inying fundamentals are stronger in the economy. not great. but people are individuals and they reality to past history. go back to the summer of r 0, '11 and '12, i think people rb cautious through the summer. and if we continue to at least go sideways up in the market, i think you could see people come back in the fall. and i think people are realizing you can't save for retirement, you can't meet your investment goal by having your money in cash where cash levels are right now. >> marty, thank you very much for joining us. and we'll watch the conference. >> thanks very much.

thanks for having me on. still to come this morning, the cfo of general motors, also former bush council economic adviser chairman glenn hubbard is going to join us. then ronald perelman in his first ever television interview. you can only see it here on squawk. first, we're going to talk housing with the ceo of realology. >> sotheby's. whew. >> good morning. [ penélope ] i found the best cafe in the world. nespresso. where there is an espresso to match my every mood. ♪

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welcome back to squawk. breaking news out of washington, president obama plan toes nominate chicago business executive penny pritzker as his new commerce secretary this morning.

pritzker is a long time supporter and she's been on squawk and a member of the pritzker empire and family. your turn. >> i'm ready. i'm still taking that in. trying to, you know, figure it let's get you to -- >> it just means nor hotels. more hyatt hotels. >> now to the state of housing in the country, realogy reporting a bigger first quarter than expected profits. richard, what got me was that nice 10% gain we saw in the case-shiller and then the chart that i saw put us down 30% from the highs before the crisis. we're nowhere near where we were even though it's better, right? >> still down 30% from the high? >> 34%.

>> 34%. where we were in 2007. >> however, that said, we have markets growing at a much faster pace than case-shiller's index. orange county is probably up 25% to 30%. >> from 2007 or from the bottom? >> year over year. >> back to writ was? >> the trend line is encouraging. this is nothing more than demand. >> not a good way to -- >> it's not. but under water equities, core logic recently issued their report. there's about 1.8 million homeowners who are under water only in the range of 5%. as average price increases, they come back to the market as new inventory.

and the builders stopped building for almost seven years. you need that builder inventory to create the move up in market. it will add to the inventory. >> do you include all the government assistance, fannie, freddie, everything ta they do? if you took it all away, where would we be in terms of housing? how much can we do on our own? >> we've tried this before and it didn't end well. >> i'll tell you wa, it has almost a year, principally because the government has stayed out of our way. >> do you think ben bernanke stayed out of our way? >> no, he did not. i'm not putting him in that category. >> if you guys are still down 30% with four years of zero interest rates and another four to come, that sounds like a pretty weak patient. >> and they're speaking to all the distance programs. certainly they contributed. the fed is going to keep rates low for the near future.

they're going to keep them low through 15. that's going to stimulate the housing market. the real issue now is lending. the lending criteria is so difficult. that's principally because the government hasn't defined this last remaining dodd-frank issue. they're going to require a 20% down payment or something more like fha. >> that's good, though. at least there's a reason why people aren't rushing to get a 2% whatever the mortgage rate is now. it's frustrating that it's that low and we're not seeing everyone do it. >> well, the demand is there. >> you said the government stayed out of your way. the government is in your way because it hasn't done the dodd frank thing yet. >> they did define qrm. qrm respectably is not going to be as onerous as some think. that's only 45 days away.

>> are the on this, sorkin? did you know qrm was -- >> not on it. >> you're not on it? >> i'm not on it. >> you should be on this. >> i've got to get on it. >> we know they haven't written all the rules yet. >> it did, actually. i wrote a column for "fortune" talking about -- >> so something good comes out of that horrible deadline that you have to have every -- >> not very often. >> you need a column for you, dude. all right. but so i'm trying to think about that. that makes me feel a little better. if the fed is pushing on a string with all the money, people are not taking it, that's a real problem about demand. but that's not what it is. you're saying there's that bottleneck because of it's hard to get a loan. >> the average fico score is a hundred basis points higher than

it should. >> higher than it was in 2007? >> clearly. lenders are lending to the highest possible standard because they don't know the rule. as soon as the final rule is defined, i think credit becomes more available to creditworthy advisers. >> we'll check back with you in a little while been we have to get this qrm thing done. >> qm is done. qrm is pending. get that solved and we're off to the races. >> thank you, richard. what we come back, we're going to talk about big data and bigger deals. uh-oh, you're going to wake all that up. tomorrow, "squawk box" will be live in omaha and then on monday, we have three hours live with warren buffett. the fun begin s monday at 6:00 eastern. we'll be on stage asking

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welcome back to squawk. if you created the next big thing that unlocks perhaps billions or trillions of dollars in productivity, would you give it away frr free? we'll actual you what hadu means in a second, the software company that powers big data and he did that and gave it away for free. he's now the chief architect of

claudera. we're joined by doug and mike olson. before we even get started, what is the software? what does it do and why would you give it away for free? >> first, what it does, it let's you take hundreds, thousands of computers and harness them together and treat them as one big computer. so you can load a lot more data on it to it more affordably. so the industry standard computers rather than some big ox ottic data system, strap them together, process it efficiently. it's bulk computing. >> but it doesn't rival the ibm super computer or -- >> i think today it's getting close in terms of computing power you can get in one system. it's much more data intensive than number intensive.

>> so you build it. most people would try to sell it and you decide just to hand it out on the street. >> yep. i think in the end, giving things away through open source as a methodology ends up delivering greater value. both to the economy as a whole as well as to the people would work on it. that's really the trend we're seeing. >> but a capitalistic society, you think you can generate more users by giving it away for free? >> you create more users on the platform and the platform spreads more quickly. it's spreading like wildfire. if it were a conventional product, you wouldn't have heard of it. >> like lennox when it started out, too? >> yep. >> how do you make money doing it? you sort of layer it on top now

to build, deploy massive data analysis systems on that police car form. just big the sort ware, rolling it out, supporting missions use, that requires support, expertise, training, management software so there's lots of value we can deliver. >> we talk about big data around this set all the time and everybody has a different definition for what this thing is supposed to be. how do you think about this concept? who do you think is really playing in this business and who is pretending? >> i can talk about what big data is, i think, in that i think it's really just a style of computing where we're using these general purposes processors and lots of them together to address issues that people couldn't get out before.

it's very general technology. what's the coolest use of the idea that you've seen so far. so far, our ausence is watching this. >> so when you see adoption across all the markets that need infrastructure technology, 60% of all consumer debit transactions secured by platform 80% of u.s. consumers credit reports, managed by -- 70% of all u.s. marketing users cusp a cloudera platform. these are mission critical applications for these businesses, transformative for the companies that do them and they have gotten much harder because of the amount of data that the companies have to manage. >> i understand understand why if one computer goes down, it's not a big deal. is it tougher to make it more secure, though? if you're sharing that information across a lot of different places.

>> we spend a lot of time working on security. so the data is encrypted on the disk and the wire. >> have there been any problems? have there been inkrigz problems? >> security agencies required that things separate securely? >> there is something to be said about having all this information out there and then there's something to be said about the fact that it can be connected. that has been by default almost a security measure. >> they don't know what to do with it. >> people don't know what to do with it. they can't necessarily take your credit score, connect that back to other pieces of information and connect it back to your bank and your mortgage. there's some point, though, if

you're able to connect everything, that's when it becomes troubling. >> i can you're asking a fundamental captured there. look, it's a legitimate concern. i will say that the value of combining all of that data in one place, the services that be delivered to you. you were talking earlier about targeted advertising for the bookkeeper. imagine you didn't want to select what attributes the consumers would have. imagine you wanted to ask the advertising provider to identify those people most likely to buy your book. give them the best recommendation they can possibly get. that lets vendors, lets advertisers, banks, insurance companies offer much better targeted products to their customers. >> do you think individuals will

have to get over what the security concerns are? >> i think as a society we need to develop guidelines that can handle these technologies. and i think we are. you were talking about facebook earlier. >> right. >> a lot more savvy how to control. as they get older and they start to care about privacy, they know how to operate the controls. what lines do we not cross? maybe there will be a few scandals but hopefully not too many. >> thank you. still to come on "squawk", an interest rate decision that is due from the ecb in just about an hour's time. we will talk market expectations for the cut. if they do cut it will be the first time in 10 months. and the news maker of the day. ronald perelman in his first ever live television interview.

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still to come this morning on "squawk", a major interest

rate decision from europe. could the ecb cut rates for the first time in 10 months? we're going to find out. and 8:00 eastern, a conversation you will only see on "squawk". one of the country's richest men. ronald perelman. we'll find out where he's investing now. "squawk" will be right back. changing the world is exhausting business. with the innovating and the transforming and the revolutionizing. it's enough to make you forget that you're flying five hundred miles an hour on a chair that just became a bed. you see, we're doing some changing of our own. ah, we can talk about it later. we're putting the wonder back into air travel, one innovation at a time. the new american is arriving.

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investors await the european central bank's decision on rates. market implications both here and abroad with guest host rdq economics. facebook in focus.

what the social networking giant is saying about its mobile business. whether you should be buying the stock and the chief financial officer in a first on cnbc interview you can't afford to miss. buckle up and start your engine. as the second hour of "squawk box" starts right now. welcome back, everybody. this is "squawk box" on cnbc. i'm becky quick with andrew ross sorkin. of course this comes after a big down day after the markets yesterday. the dow down by 130 points. you're seeing a little bit of a gain reversing some of that. 30 points above fair value for the dow futures. s&p up by 4. in our headlines this morning, the european central bank is

expected to cut its benchmark interest rate this morning. the latest policy statement is due 45 minutes from now. if they do this, it would be the first rate cut in 10 months as they try to boost a staggering eurozone economy. ford is adding 2,000 workers to a missouri plant that makes the f-150 pickup truck because of surging demand for pickups. ford has seen a 19% in increase in sales for that category. a lot of that because of the resurgence in housing as you see construction companies picking up trucks and some of those contractors as well. also with a 787 back in the air, boeing is turning its attention to another product launch. it has begun talking about pricing and other details for its 776 wide body yet. once it gets enough orders it would formally launch the production process. thanks, becky. you saw me looking down, didn't you? that was not your normal anchor thing. that was like wake up.

all right. i'm awake, i'm awake! let's talk about the possible interest rate cuts from the ebc. founding partner of rdq. michelle caruso-cabrera is over there. chief international correspondent. and steve liesman is here, chief economist reporter. you know the players as well. i think they, you know, help us here. play along. otherwise, 85 billion is not enough. we have to buy s&ps. we need 200 billion a month into s&ps. that won't cure our deflationary fears? would that not do it for the ned? >> i don't think we have deflation ear fears. >> this is not japan? every other team the fed was able to help us, we were down 140 not on keeping the 85 but

even on doing more. >> joe, down 140 off a record high. >> i know, i know. >> -- in the stock market. japan was 40,000 on the nikkei. it's never got close senince. >> i know. >> qe took place almost -- >> there's a disconnect between our stock market and our economy and our unemployment rate. is there not? >> i think the unemployment rate is coming down slowly. and profits have been in a "v" shape recovery where the rest has been in a u shape recovery. i think that margin expansion has peaked out. the key question is what's the the discount price you put on the market. if you believe they're here for a long time, evaluations probably deserve 2,000. >> john, what was the guy before

draghi? >> clichet. >> you would ask is the sky green and he would say we have maintained inflation -- >> my point is as bad as it is in europe, they don't need a strong euro. they need to get on board here. >> i was with central bankers, current and former. and everybody in the room said one of two things. either the euro would weak especially or draghi needed to take steps to weaken. >> so they have to cut the data. >> can we point out what that is. he raised interest rates twice. we're in crisis. >> he did because he could. >> we have a brand-new central bank. >> we knew it was a joke at the time, that this guy is full of it. >> the one defense you would make is that -- >> you said it good.

>> worn and raised in russia. >> my kids want to know when me and my wife will reveal we're spies. this is what you have done to my family. >> you never released your records, transcripts, nothing. >> i have no records or fingerprints. >> they have a single mandate, which was 2%. >> it's one defense. i think the bigger defense, though, is he was trying to bring policymakers along with him to make urgent changes. i think he knows or knew inside the monetary union that if they didn't fix it -- in a way, by the way, bernanke hasn't -- >> we only have one government. >> right. he's leaning a little bit more on washington right now. he tried to say, listen, don't cut. don't do this, don't do that. >> you think he's ben bernanke? >> do you think he's leaning? >> the change in rhetoric is

specifically designed to amp up the complaint of the federal reserve to washington. i think you're missing one point. when something goes from rhetoric into a policy statement it is bringing it up a level. >> he's probably learning what tri cet learned, once you give berlusconi breathing room, he took it and then some. trichet helps him out and gets nothing. >> don't do the deficit stuff. >> exactly. he wants to put a long-term deficit reduction. tax reform, entitlement reform. he does not want current deficit reduction. i think what he wants is he wants the federal reserve and the federal government on the same team of fighting unemployment. >> okay. what about the ecb. are they going to cut or not? >> they're going to cut. expectations built in. and ecb has a habgt of leading

people and then disappointing. but i don't think you do it this time. >> what good does it do? >> what good does qe do? >> you do it because you can. that's where they are. >> the vast majority believe absolutely they will cut. in fact, if you're going to get -- >> japan? >> no. quarter point. to get any kind of reaction out of the markets because it's all priced in, announce collateral rules changes. the one thing peel should remember about europe versus the united states over in europe most lending is still done through banks. to your point, if the the banks are lending, big deal. whereas here in the united states corporations fund themselves. ie, apple, through the corporate bond market. when we see lower interest rates here they're automatically transferred to corporate funding in a way -- their monetary

transmission mechanism in europe. >> given what happened with apple a great example of why it isn't working? >> why so? >> you're making a different point than i was. aepl went to the corporate bond market instead of a bank. if you were european company you would far more likely to go to the bank to get your cash. >> the cash is overseas. >> that's a good point, too. >> that's part of it. interest rates are so low you are creating this perverse -- >> it's not perverse. there's always a wedge between the tax rate of retrading money and the borrowing rate. the wage is very large right now. so apple took advantage of that. there's always a case as to whether or not cash on hand or pay a certain tax on it or to borrow it. and borrowing -- >> borrowing right now, big companies have been doing this anyway. >> because in this country investors can lend to that.

whereas in europe banks cannot. >> do you know what ryan just said? do you know the qrm is a quarter million words and it's not even done. the reason people can't get a mortgage. we're pushing all this money out in the system and nobody is using it is because dodd/frank hasn't written a qrm and the one they have is longer than too big to fail. it's a quarter million words. >> the previous guests said banks are holding back and only making the highest quality loans because they are afraid the long comes in underneath. the urgency of writing the rules on dodd/frank. i have questioned whether or not they can write the rules. >> why isn't the fed talking about this? if they got that done? >> they are the ones writing the rules. there is a piece of that.

when we do the fed survey, the biggest problem is tax and regulatory practices. double the number of people responded in europe or joblessness say it is tax and regulatory rules. i think that's part of it. you also shouldn't cut spending to put people it of work right now. >> if things really are swooning, what would they do? >> i have the break the glass options. the other thing is lowering the unemployment. instead of 6.5 we will get to 5.5. >> why not lower it to 2? that's totally impossible. >> what would probably additional forward guideness. >> never, ever, ever -- >> exactly. >> sometimes i do this job and i feel like i'm reading from alice

in wonder land. >> you wanted it for a long, long, long, long time. >> i would ask several additional longs in there. >> break the glass option is if monetary policy was a bit more sane so we could cut if we got into a recession. and let's get fiscal policy in order. to do that, you have to do the long term entitlement. then you can do something on tax rates. let's get the corporate tax rate down. >> i would trade 200 bridges for entitlement reform. name 2,000 bridges, airports in the united states after medicare was just reformed. i would take that tradeoff. >> that sounds good. i'm not sure -- >> what i mean if there is an issue of health care. >> one off topic question because you mentioned qrm. is the fed going to come out and say anything about what's going on in washington or what's happening with the pwrapbgs?

banks? the brown/vitter bill. >> many have said that breaking up the banks is a good idea but they just can't find a way to do it. and they also have said that you cannot break up the banks in a meaningful way. what they do is inflation adjusted number for continental. >> right. >> and it's like 21 -- jpmorgan would have to be broken up into 21 pieces to give you a bank bailed as as big as 1984. >> when you look at the metrics, the small versus the large, don't you think at some point the market forces it because you get such a better return? >> and brown/vitter makes it so much more expensive to be jpmorgan or citigroup. economics work if you're a small bank. that's where the economics don't work. >> if they want to buy different

securities, what would they buy? >> i don't know that they're allowed to buy anything other than agency-backed securities. >> if you're worried about inflation, buy corn. >> they might be able to issue securities. john, do you think short-term -- >> they're going to try to lock up the reserves. that comes around to the title. the fed doesn't have to. it prints money. >> there is precedent for buying equities. hong kong and asia. >> we have people that think they do it here. people that have real jobs say they do it here. >> and we put them on. >> i know we do. >> that's okay. all are welcome. >> never commodities.

>> i want to see a hedge fund crash. >> thank you, guys. coming up next, how should you evaluate based on the latest earnings when you look at the numbers and find out if it's buy, sell or hold and general motors set to be released. "squawk" is right back after this.

welcome back, everybody. let's look at the futures this morning. dow futures up 43 points. s&p futures up by close to 5 points. facebook releasing quarterly results. they earned an adjusted 12 cents a share. revenue $1.46 billion. mark zuckerberg reaffirming that mobile is a focus. good morning, ken. >> good morning. >> what do you make of this? they beat on the profit side. not so much the revenue side? >> yeah. i think mobile skaeupl in stronger than expected. that was the big focus for

everyone. when you look at desktop they came in flat year on year overall globally. if you look at u.s. desktop we're estimates they declined. the company has discretionary when they deliver on mobile or desktop. you would like to see mobile expanding the pie as opposed to just desktop. >> by the way, their costs seem to keep ballooning. >> exactly. as you look through 2013 they also reiterated their op ex guidance, 50% year on year. and that trend is going to continue. i think, you know, the value of the company if you look at 2013 is pretty expensive. start to give them credit in 2014 that margins stabilize, revenues continue on a strong trajectory. but if you are dealing with desktop, advertising declines it's a question mark whether that will finish and what extent

they will find that over the next year or so. >> ken, if you bought in $38, the ipo, boy, do i know who some did. some dumped out and got back in. those still hanging on, how long will they have to hang on to even get even. >> right now facebook increasingly seems to be a median communications platform. what most investors bought in was somewhat of a marketplace. you would have the size of facebook ultimately meant you couldn't get that experience elsewhere. the fact that facebook was tapped into any other online experience. that potential is still there. right now the company seems to be prioritizing a branded experience. you will see ads in your news feed similar to television, magazines, et cetera. they're not necessarily making the data that they have usable

to users. and i think if that happens, which still the potential for, yeah. >> if you have a dollar to invest in facebook or google, where would you put it? >> i would put it in google. seasonally, quarter on quarter, google's ad revenues were flat. and i think that a it's -- from that stand, it is much earlier in its growth cycle. so i would say google. >> you know what, actually, ken, thank you for your perspective this morning. >> sure. >> we've got to run. sorry to keep it short. >> my pleasure. thank you. >> we were having that conversation earlier this morning about what to do with the sequester, whether you should spend more now, whether you should look at cuts down the road. you can do both.

he was talking about the new plan they have come out with. the cuts don't make any sense. you can spend more right now on things like building some new infrastructure. but what you need to be doing, as you're looking at the entitle cuts down the road, those are the important ones out there. >> pat sajak brought a big gulp and drank it the whole entire time. >> as a statement? >> monday night on wheel and i thought i would bring a big gulp size soda. and jay leno has a way to close gitmo? >> how? >> president obama should pretendonitis a small business and tax it to death. investors get ready for the

state of europe's economy. reaction in global market update. are you planning to party it up this memorial day? andrew is. you're a party animal. people don't know that. a little bit of good news for those planning to travel to their party spot. that story is next. "squawk box" will be right back. [ male announcer ] here's a word you should keep in mind. unbiased. some brokerage firms are. but way too many aren't. why? because selling their funds makes them more money. which makes you wonder -- isn't that a conflict? search "proprietary mutual funds." yikes! then go to e-trade. we've got over 8,000 mutual funds, and not one of them has our name on it. we're in the business of finding the right investments for you. e-trade. less for us. more for you. the fund's prospectus contains its investment objectives, risks, charges, expenses, and other important information and should be read and considered carefully before investing. for a current prospectus, visit etrade.com/mutualfunds.

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welcome back, everybody. are you planning to fly this memorial weekend? airfare prices slightly lower. they're down 2% according to travelocity. it may not seem like much but the trepb for holiday travel the past years has been to hike prices. we certainly know heats the case. >> doug parker and all these people think prices apart going up. >> you know how much i'm paying to go to omaha? this is the ticket i'm paying for my father. 1,000 bucks. this is in coach. a very small flight. because they gouge those people. >> they do. >> completely gouge.

>> they always gouge. >> it's supply and demand. >> gouging. gouging. gouging. >> what's the definition -- >> i'll tell you where gouging comes in. traditionally i could go online right now and try to book a flight that same weekend next year and the price will still be awful. >> i bought four months ago. >> it is supply and demand, though. >> if you don't want to pay it, don't go. >> i have to pay and i have to go. all right. if you have comments or questions, go ahead and e-mail us. and follow us on twitter. still to come, the ecb's decision on interest rates. earnings from general motors. the numbers and outlook on the

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welcome back to "squawk box". market watchers expecting to cut a quarter point in the ecb benchmark rate. draghi holding a news conference to talk about the policy statement. that will start 8:30 eastern time. a triple dose of economic data. we will begin initial jobless claims from the neighbor department. and first quarter productivity figures and trade deficit. and berkshire hathoway cut its ratings in moody's. berkshire is the largest shareholder with a 12% stake. over to you, joe. >> thank you. g.m.'s earnings just out.

>> 67 cents per share as a profit for the the first quarter. compared to 54 cents a share. they beat by 13 cents. revenue slightly better than expected. 36.9 billion versus 36.6 billion. no change in guidance for the rest of 2013. we will talk with the cfo coming up in 20 minutes. a first on cnbc interview. again, 67 cents per share in the first quarter versus an estimate of 54. >> also, lloyds of london, the largest insurance market, cited a normal claims market for 2012 and said the insurance industry as a whole is making a return to profitability even in the wake of superstorm sandy. john nelson is the chairman. thanks for being with us. >> good morning. nice to be here. >> it's kind of shocking. you would think in a year where we saw sandy and billions and

billions and billions of dollars in damage it would have been a tough go for insurance companies. what happened around the globe? >> well, what happened around the globe is take the cameras back two years, 2011. we had an extraordinary experience. australia, new zealand, the tsunami, the third biggest catastrophe ever. because of good underwriting we had a small loss of $700 million. last year was more normal, 2012. we had big hurricane sandy playing to lloyds 2.2 billion, around 10% of the estimated total loss which is well within our capacity to handle it. but we were also -- it was a good performance. because we in fact, had some challenges. we had low interest rates during

that period. we had the eurozone crisis. we had profit $4.5 billion on the back of premiums of $40.5 billion. very good result. >> it's funny. we tend to think just in terms of natural disasters and things that happen. how have you switched just in terms of how you invest based on how the whole globe has been turning. >> it has resources of around $100 billion available. we're not a life insurer. we are investing short. we're investing in cash, corporate bonds, government bonds. usually with short maturities. what we have done over the last -- actually quite a few years, is to rigorously manage our exposures.

that remains the case. and i would say the market has done a very good job so we have had no major hiccups in terms of our investment. we're sharing very low return. >> even if you're not investing in the places floating, you put it in treasure bonds. >> exactly. >> have you been tempted to switch your portfolio instead of a third, a third and third, and have you been attempted to put them in equities? are you allowed to? >> we are. we put some in equities. lloyd's is a specialist insurers. we are doing b2b risk. we're there to play claims, quickly. on sandy, for example, our performance has been outstanding. we have really helped get the communities back on their feet. and the reason we can do that is because we have the resources in

very liquid form. and we can cut the checks quickly. >> if a third is in cash? >> it would be roughly around there. >> what are you taking away from treasury bonds or corporate bonds to put a little bit into equities. >> it's still -- it's a low single percentage. >> so you have to be watching very closely to see what the ecb does in 10 minutes if they're going to raise rates or not? -- or cut rates. >> you would like them to raise them. >> we would like it. we would like a gentle rise in rates. >> but you're not going to get it. >> we're not going to get it. but we watch it carefully. we're in an era of extremely low growth. we are not playing on investment returns going up in the short-term. >> what does that catch up with

you? >> well, it's caught up with us now in that lloyd's, remember, is a market. we regulate it. low interest rates. underwriting discipline become even more important. >> so rates have to go up as a result? >> premium rates have to remain robust. because we have to create a sustainable industry. now, one of the concomitants is not only premium rates being as it were subdued by this but also we are attracting a lot of capital markets type capital into this very specialist high risk tech to that is a concern to lloyd's. before superstorm sandy it is very important that the insurance industries are there on a sustainable basis. if the market gets disruptedly a lot of hot capital coming in and

out, which inevitably there will be a time when they hit losses and the time interest rates go up, the markets come out. it is not good for the economy. >> on the next, where are you in terms of climate studies, the potential for future catastrophe? is there changes gone, or is it really just the world is very noisy and we had a couple of big storms? >> no. i mean, i think there is no doubt that in many parts of the world there are changes taking place. we are heavily involved in -- i think it's fair to say lloyd's leads in terms of policy to try to mitigate the effects. for example, if you take the uk where we have had much more flooding in the last few years, we are heavily engaged in trying to persuade them to not to continue to build on flood

plains, for example. and similar conversations will take place. >> i can remember 20 years ago in south carolina people said stop it. the houses on stilts. another hurricane comes. >> yeah. >> but hurricane activity has been quiet for about 10 years already. >> yes. >> we're in a sweet spot in terms of how quiet it's been. >> we look at it globally. >> not everyone. >> it's totally global. we can see changes taking place. it's just a fact of life. >> has your catastrophe claims gone up in? >> no. there hrrb some years we have low catastrophe claims. >> people live in the moment and

they live in a specific area. on the east coast. 1954, there were three hurricanes twice as big as sandy that hit the east coast. no one talks about it. we had a mayor in new york say we need to vote for barack obama because of sandy, because of climate change. there were three storms just as big, bigger that hit the east coast in one year. >> yeah. >> we didn't have the same c02 levels in 1954. >> no. we can go on having a debate whether there's change going on. all i can tell you is that change is taking place. we are seeing different weather patterns, different behaviors. what is popt for the growth of the economies and the security is that government and insurers work together to minimize the impact. >> can we go back to the idea of hot money coming into the insurance agency. we're always trying to figure

out where the next bubbles are being created. not necessarily in the lloyd's marketplace s. that a bubble that's being created. >> i wouldn't say as of now. but there is a danger. there is a significant danger that could happen. because if you take lloyd's where we are i would say the last five years, we have been very successful. average return on capital is 14.5%. that looks very attractive to investors.. what we want is capital that's long term, knowledgeable and really evaluating risk so that when we do get some problems it doesn't just fly away. >> where is lord brown? where is he? when did he leave? >> lord brown? >> yeah. >> lord -- >> oh, he retired 18 months ago. >> they gave it to a guy not a

lord this time. >> they did. >> did he start as a lord, or did he become a lord after -- he can become a sir, right? >> they replaced him with a commoner. >> no kidding. it may be appropriate for a market 325 years old and founded on the marina industry. >> what do you have to do, andrew? this must be point. >> i want to take the consideration to the gutter. they do a lot of exotic insurance. beyonce's legs. >> her legs? >> i think so. >> the legs. >> i couldn't possibly comment. >> i want to know two things. how do you price it and have you ever had to pay out? >> of course.

on personal injuries we frequently pay out. >> it's personal injuries. they didn't go to the gym so the legs aren't as good anymore? >> no. it's basically if it is a career-affecting event. >> i thought you were going to something like business. >> i was going straight to the, you know, come on. it's what lloyd's is known for. >> thank you. we appreciate it. >> we've got to go. john will be back. ecb decision. we've got to go. we'll be right back. governor. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro.

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michelle caruso-cabrera is back. so is steve liesman. >> i don't see it. >> cut by a quarter point. >> exactly what we expected. >> is that like kissing your sister in a northern state? >> the metaphor is completely lost. i have no idea.

>> he's in between northern and southern. >> is it a big deal or right in line with what we thought? >> right in line. >> we have to watch the dollar, the euro. >> if they didn't do this, you would see a big selloff. you would see a rise in yields. the euro, i don't know what you should think about the euro. a lot of predictions if they did not cut, the euro would actually fall. it would raise questions about an ex stepbl threat to the euro. it is so dumb as to not be easy enough that they could actually lead to destruction of the raour row. see the logic there? >> no. >> basically this is what you thought? >> yeah. we're expecting a cut in the refi rate. i don't think the markets are going to judge based on the cut in the main interest rate.

i think it's what draghi will say in the press conference in 45 minutes's time. they are in recession. it's about other measures. that's what kind of markets are going to be looking out for. >> like what? >> well, i mean, fundamentally the problem is there's a problem in europe. you have interest rates now at half a percent. and they pay to borrow from their bank close to 5 prs. there's a problem. they pay 2%. spanish companies pay 5%. somewhere it is not being transmitted into the real economy. that's the issue. it's not a simple thing that you can solve overnight. fundamentally, draghi has been kind of trying to pacify the bond markets and have done that last august. markets are heading really well. the economy is going deeper and deeper into recession. >> i think there's a couple

things here. the first is that it is significant that he signaled something and followed through. we're learning to read the new guy in the office. he allowed the market to coalesce around the consensus and he didn't follow through. in the process of learning to read the signals, well, he telegraphed this. on the other hand, and john, michelle, the thought about this is, look, they're behind. the economy, the numbers turn deeply negative. now they're finally cutting rates. so to the extent that we can now think about draghi being ahead of the curve here, i think he's got to do major things now to give the markets a sense that he is going to get in front of the data. >> i think you're asking too much of central banks, too much of the fed, the ecb. monetary policy can't fix everything. that was a lesson learned in the '70s.

40 years later, we have forgotten it. oh, the interest rates are half a percent. they need to be lower. why are rates 5% in spain? because we don't have yet a fully european system. the spanish banks are truly backed by the european center. so you have spanish credit risk layered over ebc monetary risks. how well will it take before we get a -- >> we have a context of people who would be like in north carolina everybody in the country paid 3% for their mortgage. but in north carolina, 8% or 10%. not to pick on my good friends of north carolina. it would be significant. >> different state governments do pay different interest rates. there should be a differentiation. >> it shouldn't be that is is disrupting the monetary policy. >> how about this, though.

when you look at one-year chart of spanish yields, i think draghi will say it's working. they have come down dramatically even though the economies have only gotten worse. >> the big story is next week with the nonstandard measures. he's done this. i alluded to this earliery. come back with changes to the sme, making it easier or small and medium-size businesses to get loans. >> we've got to go. we always have to go. marcel, thanks. you two cnbc people. >> thank you for being here. >> by the way, we want to thank our guest host this past hour of rdq. thank you for being with us, john. we appreciate it. see you again soon. >> thank you, becky. >> you're leaving now? >> i have to catch a flight to

omaha. "squawk" will be live tomorrow. monday, three hours with warren buffett line. 6:00 a.m. eastern time. andrew and i will be there saturday. we'll be asking questions. e-mail us. up next, phil lebeau and cfo of general motors. [ agent smith ] i've found software that intrigues me. it appears it's an agent of good. ♪ [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room.

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welcome back "squawk box". g.m. reporting profit of 67 cents a share. 9% loss to add in that brings it down to 58 cents per share. revenue coming in 36.9 billion, a little better than expected. let's bring in g.m. cfo from the company headquarters. dan, let's talk about the first quarter. you have a number of things in here to discuss specifically, including europe. characterize the first quarter for g.m. >> overall, phil, it was a solid quarter. very much on plan from our point of view. we have been talking about the launch activity for quite some time. we gained market share in most markets around the world.

here in north america, and even in europe we picked up share. most importantly of all we had an improvement in the bottom line as we start to move through. >> you lose 175 million, which is over last year. you see no improvement in europe. am i correct? >> well, i spotted two things. the things we can control. we laid out a plan late last year as to how we were looking to get to break even by mid decade. we're expecting all things in their plan. both on the product front on the cost side. and you are seeing results show up in the first quarter in our results. on the other hand, there are things we don't control. we don't control the european economy. european economic environment remains very challenging from our point of view. we didn't see a whole lot of signs of improvement. >> sales yesterday coming just under 15 million as far as sales

pace. some people are concerned we might see auto sales slow down you. slow down compared to the pace they were at. are you at all worried about the u.s. economy? >> i think it has been on a track of steady improvement for quite some time. we don't pay too much attention precisely what's happening from one month to the next. we are focused on the trends and the direction of where things are going. the economic recovery has been a little uneven for quite some time now. it doesn't surprise us to see some months drop down a little. it's underlying improvement. a little uneven beat the street posting 67 cents per share. andrew, back to you. >> thank you, phil for that interview. when we return, our interview of the morning. we have had a lot of great interviews but this may beat them all. billionaire ronald perelman and

glenn hubbard. ronald perelman has not done a tv interview ever. changing the world is exhausting business.

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clark kent. welcome back to "squawk box" here on cnbc. first in business worldwide. i'm joe kernen along with andrew ross sorkin. becky has been replaced by clark kept. no. she's on her way to the

berkshire hathaway meeting. we have a huge, big lineup this hour, including the first live tv appearance -- is it okay, billionaire. i would want to be known as a billionaire. some people are uncomfortable. you're other things, right, ronald? >> more important than that. >> huge. a huge fill plan throw pivot. andrew has the stop stories. >> we have to get through the headlines quickly. as expected, european central bank cutting from a quarter to a half percent. this is the first rate cut in 10 months. draghi will begin his news conference add at 8:00. earnings 67 cents per share. that's higher than what analysts

were expecting. we'll be watching shares of facebook as well. first quarter earnings of 12 cents per share. penny short. revenue came in $1.46 billion. mobile advertising growth gaining momentum, partially off setting spending which weighed in on profits. does look like the dow will open 60 points higher at the moment. >> let's get to our interview of the morning. weight editor robert frank pulled himself away from the gym long enough to come in here. look at you. we all have to feel bad. don't take your jacket off. >> all we have to say is it's ronald perelman. we're grateful. you have run more than a dozen companies, some of them huge. from refuse lesson, a.m. general. what parts are working well now?

what are the bright spots in your companies? >> i think it's an interesting time. overall, our businesses are doing very well. not in regard to revenue growth but in regard to controlling consensus. in every sector that we're in. revlon will grow 2%, 3%. but we have rationalized the last three years. and that's good news for the operating companies around america. it's bad news for the unemployment rate. those people that laid off in 2008, 2009, there's no need for us to hire back. we've gotten more productive. technology has given us availability of increased

productivity throughout. unfortunately the good news for american industry is that profitability for most companies is strong. bad news for those who are looking for work. >> right. >> one of the common alitys, whether it's lottery cards, deluxeand you used technology to reinvent them. how important is technology and reinvention in all your companies right now? >> it's pivotal. and you take deluxe, deluxe used to supply the bulk of the prints used by studios for theatrical exhibition. today that's been replaced by digital prints and satellite distribution in theaters. so that we had to very quickly

change our model from an analog physical based distributor to digital. now, that in and of itself opened new markets for us. we are into the distributor for cable companies. they are a digital dib attributor for over the top. >> and you are doing 3d. >> that led us into 2d to 3d conversion, which you could never do when you were using a physical product. it's expanded our horizons. i think that's what's happening around the world. it is no longer a regional business. everything is a worldwide business. >> right. has to be. >> glenn, i want to get to the news of the morning. tell us what ronald is doing. >> this conversation say great segue to that. one of the things we have been stressing in the entrepreneurship and ronald's

very generous gift to columbia, $100 million gift to support that on our campus will make it a reality for us and new york. we're working with students. >> make sure our viewers understand ronald is giving $100 million to -- is it a new program? >> he is giving it for center for business innovation housed at our new campus. it's a huge thing for us in being able to provide help. >> ronald, can you teach entrepreneurship? you're wired differently than most people. and i just have a hard time believing you can teach that or teach somebody to be a disruptor in their brain. how do you think this can work? >> i think entrepreneurship is a little different than being a disruptor. i think you can teach disruption. i think you can give a student

the tools for which to be disruptive, to think disruptive, innovation. some things are gut instinct. entrepreneurship is one of those things. fashion sense, music is one of those. you either have it or you don't. not that it's so great to have it. you either feel or you don't feel. it's hard to teach that. but you can give somebody the tools -- the great engineers, sergei, was he a disrun tore or entrepreneur? i think he was doting. >> glenn is here. he's not always going to be there. did it matter? you have given money to the penn, even more. >> well, penn is where i

graduated. >> your parents gave money. >> my father and mother. and that is a disruptive gift. that will change the number of doctors they can educate. that will change the quality of doctors they can educate. which was very important to them. because my dad feels medical care should be available to everybody and to help provide that. >> how did the herceptin -- >> you jump around, don't you? >> yeah, i do. how do you fund some of the original research for herceptin? talk about disruptive. >> it's one of the things i'm much proud of. we were approached at ucla, great research scientist. he was work at a new disruptive concept for treating cancer, molecular treatment. and we single handedly funded

herceptin. we have been funding since it was developed. and he is announcing something shortly that will affect those women to be treatable. if that's the case he will have made major in roads. >> there are strides he made. part of the pathway is using individual genes to figure out cancer. >> you get called all the time i assume for $100 million gifts. i assume you're phone is ringing off the hook. how do you think about what kraour going to fund? a lot of people who are interested in philanthropy. >> i thought this was remarkably easy because ronald had a vision

for disruption that matched what we were doing. he really wanted something that would disrupt the way business schools work. my industry had gotten stodgy. >> everybody wants to see real results. how will you know whether this is working? are you going to chart the successful entrepreneurs that come out? how do you monitor this? >> we will do all the above. we will be charting entrepreneurs, measuring success in the mba program. he will hold my feet to the fire i'm sure. >> he doesn't need any holding. he is a fabulous human being, fabulous educator and fabulous mind. one of the interesting things is, this is my city.

i was in new york 30 years ago. the most vibrant city of the world. mayor bloomberg from new york has set a very high bar of philanthropy within the city. what he expects from others. what he demonstrates in his own giving that he does personally. and his legacy will be in setting up this center at roosevelt island. and nyu is getting some heat now. >> yeah. >> i think it will be positive long term. and i think this development at columbia, the business school and other institutions of columbia that are moving to manhattan. and it should make new york not only the financial center but the educational and the innovative center of america. >> do you think it can really

rival silicon valley? the venture capitalists, all the software programmers, money, stanford, do you think we can even come close to that in new york city or should we even try? >> absolutely. i think the mentality in silicon valley is more receptive to start-up ventures but they need companies to place their technology in. so they have come to their next stop to get technologies in place, active, working. and presumably demonstrate some positive results. >> also here in new york, a lot of disruption in financial services, engineers and business school types are working on. we have as many seat miles and electives as in finance. so, yes, we can absolutely rival. >> we're going to take a break. aim just lag through the list of revl on on girls.

dina merrill, cybill shepherd, lauren hutton, christie brinkley. all the way back to the '30s. it's incredible. but you had some men on like paul newman. but they have been selling cologne. they have never had a revlon man. >> that could be you. >> that's where i'm going with this. you know how important makeup is on a daily basis. revlon. being disruptive, have you ever considered it? >> yes, we considered it often. our focus group testing has shown that women would rather see a beautiful woman on air -- >> so you're telling me no. this is going nowhere. >> it's not working out. >> we'll try to convince ron during the commercial break. we'll slip in a break and come back and much more from ronald

perelman. ford is announcing new hiring plans. phil lebeau will join us next. and breaking data on jobs. weekly jobless claims, first quarter productivity. hitting the tape at 8:30. take a look at u.s. equity futures. it will open up 56 points it's now. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-800-836-8799. from the united states postal service a small jam maker can ship like a big business. just go online to pay, print and have your packages picked up for free. we'll do the rest. ♪

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welcome back to "squawk box". ford is adding 1,000 new jobs and a third shift at f series assembly plant outside kansas city, missouri. that's where joe is joining us for another first on cnbc interview. joe, i'm curious from your perspective, how great is the demand right now that you have to add a third shift to crank out the f series? >> phil, good morning. it's a great story. we had sales grow 19% so far this year in the u.s. 26% in canada. now is the time with the auto industry growing, trucks leading the way, and housing up 36% in the first quarter, now is the time to start production because we're bullish on sales.

>> three shifts a day, 20, 21 hours a day. are you pushing max capacity to the point where you have to add another assembly line or another plant? >> well, it's a great story. sales up 13% so far this year leading the industry in the u.s.. we're adding a shift at flat rock to produce more fusions because the demand is so great. we had the capability to build more. it's a great story. we're excited about growing jobs here in kansas city today. >> nowhere close to another assembly plant at this point? >> no plans to do that. we're of course going to meet demand. match our capacity to demand. on the up side with adding a crew in flat rock and increasing overtime as well.

>> joe henricks joining us outside kansas city, missouri. they are adding 1,000 more jobs. more "squawk box" on the way right after this. still to come on squawks box, much more from our special guests. legendary finance year ronald perelman and glenn hubbard. to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies."

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welcome back to "squawk box". more now from our special guest billionaire financier ronald perelman and school dean glenn hub or barred. earlier we had long discussions about exactly what ales us. i mean, all of a sudden now the fed we were worried about tapering and the market would go down. now we said we're not going to taper. who knows where they go. the market was down anyway. what is ailing the u.s. economy? you're having trouble with revenue. you said cost cutting is the way to do it. does it feel different than recoveries in the past? >> it's much harder. >> why? >> you have to generate much more vigorously the demand than ever before. it's a worldwide shortage.

>> is it a chicken/egg? i understand you have all these structural problems. i feel we're doing some things wrong. we're headed that way, which worries me. chicken and egg, what's wrong here? is it self inner tphreubgtinfli >> it is both. we are feeling a lock of confidence. >> what are you not confidence about? >> if you look at real unemployment in the 15% level, which is probably -- >> u6 or something. >> exactly. it's hard top generate when you have all those people out of the purchasing sector. and you're also going through right now a complete change in the way you reach your consumer.

it used to be print and tv. those were the only two mediums. now you've got online. now you have social media. now you have events. now you have celebrities. but the mix is different. we at revlon never used social media. in 2013, we will be 30% digital. and that's disruptive. we will drop our print by 25%. where do you advertise for tv? network, cable, online? i saw the chrylon on the bottom where eric schmidt announced the shift that's occurring from television to laptop television. >> right. >> we wonder about that too.

we measure who watches us. 25 to 35 we're wondering -- at this point what have we decided? >> they're watching us online. >> which is not measurable by nielsen. we need to do social media. for me it's hard. >> ronald, do you tweet? >> no. >> do you facebook? >> no. i use paper, pencil and telephone. >> pc, laptop? >> no. >> iphone? >> old flip phone. and i can still work. you take my kids -- i have eight children. my next to last two are 18 and 23. they don't have a television

set, a hard line television. everything is iphone or laptop. that's how they live. >> what did you tell us to do in the past to get back on track? >> first, the economy could be doing better. first we have to stop the policy uncertainty and give more resolution of underlying fiscal problems. >> ron, real quickly, how much is the policy issue? you talked about a lot of issues confronting your businesses, technology, how you get to the customer. how much do you think about washington as an issue and as a hurdle? >> well, i think it's both an issue and hurdle. obama care has issues related to it. now it's going to cost employees in the future. i think the regulatory environment today is more costly than ever before. i think that the compliance requirements that exist for

businesses today are more difficult and more costly and more complicated than ever before. and i think all that slows the process down. you're sort of afraid to go it. is this legal? is it not? >> we'll be back. procedural people aren't that interested. okay. coming up, breaking data on jobs and trade. weekly jobless claims. [ male announcer ] what?! investors could lose

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welcome back to "squawk box". march trade less than many had anticipated. 38.8 billion deficit. we're expecting something over 41 billion. last month revised suddenly. first quarter preliminary, nonfarm productivity, up 0.7. labor increase costs up 1.5. look at the previous reads, they deteriorated a little bit less. minus 1.7. and, drum roll, please, initial

jobless claims dropping 18,000, from 342 to 324,000. we thought last week when we originally had to release at 339, which was ramped up to 342 that that was a good number. of course in front of tomorrow's big employment report this drop will be rather significant. i can see it's going to make a difference. but the real question, as good as it appears on the surface to see claims pressured lower. average pressure lower. it's all about how many rates tomorrow. >> thank you for that. we will talk jobs and the economy with ronald perelman. he's behind revlon, deluxe

entertainment. and columbia business school president glenn hubbard. i want to talk about where we are in the deal making sector. i want to read you something. leon black from a pal low, somebody you know well, said over the last 15 months we have been a net seller -- we are selling everything in our portfolio that's not nailed down. and if it's nailed down, we try refinancing it. it's almost biblical. there's a time to reap and a time to sow. we're harvesting now. are you thinking that way? >> no. he is in a different business than we are. he has to develop returns and send the money back to investors and the like. that's probably what we do. we can grow and build overtime. but the cheap money environment allows for purchase prices to be

at levels that haven't been seen. >> does that mean you're not buying then? >> we're buying synergistically. there are still great opportunities again combining several businesses and getting more efficient through primarily the layoff of people. so that's another phenomena that's occurring. >> do you think you'll buy anything big again? >>. >> what do you call big? >> a billion or more? >> yes. >> do you have something in mind? >> we did williams which was 1.8 about four months ago. and that got us into the hardware business of slot machines. >> that williams. >> that williams. more importantly it got us more extensively in game development for on line gaming.

so it makes sense. >> and you signed a contract with new jersey, right? >> yes. >> now you're a big music guy. you play the drums. you and john bon jovi are super tight friends, business partners. >> right. >> you're friends with sting. you made a run at some of the emi label assets, warner music bought that. would you still like to buy a music label and why? do you think that's a good business? >> i don't know if it's a good business. but, yes, i would like to buy. >> why? >> i love music. i'm a frustrated musician. music to me is the one art form that affects me the most. i'm not a word officianado, but i do appreciate sound and i do appreciate visual. so i like art.

but music transforms. i think people will always want to be transformed, energetically, dancewise or whatever. i think people will always want music. i think the form they get it in, or distributed to them from, skprt price they pay is what's up in question. it's no worse than trying to buy emi. warner. and i lost it all. >> anything out there you could see that you have your eye on? >> well, there's some independent labels, although they are more complicated because they don't have the infrastructure or breadth. and they don't have catalogs. >> yeah. >> which the big music companies do. but you could argue that in five years the music distributors

will no longer be necessary. >> yeah. >> because you don't need it. >> do you like high-tech companies, social media companies. i assume everybody and their brother tries to hit you up. they developed asset management for the the advertising business. every commercial that coca-cola has ever made as well as the new commercial so they can see everybody able to get online with their product. you can distribute from this. so we will be able to distribute anyplace in the world on any device on the commercials.

we were sort of throuft inust it by the way the world was changing. that technology we're taking out to the medical information era. we will take that now to sports so it allows us to get into fields. >> but the valley stuff, that's not your speed? >> no. >> facebook shows up or twitter folks. >> no. >> spotify with music. >> now we might take the time to get boo to say, hey, does this make sense and could we see value here. but twitter andfacebook, we would turn them down right away. >> ron, we talk a lot about asset bubbles and silicon valley. you're a big art collector. it's hard to argue there is not a bubble in some corners of the collectibles market. do you see a lot of asset bubbles forming out there and are you worried about what

happens? >> well, you could say that the dow is an asset bubble. >> do you think it is? >> yeah, i do. i think companies in america are doing well. they should be priced at the highest level in history. >> do you think this market comes down from where it is? >> ron, the earnings per share, last time we were this high, it's tripled and quadrupled since then. it was 50. now it's 15. if you look at some of the metrics, they're not necessarily rich. >> i think both prospects were greater than they are today. >> there's a lot of fed. >> that's it. >> it's where you put your money. >> redirecting towards a lot of risky assets. there are going to be bumps on the road of miss pricing. some in high yield markets. some in equity. >> i hope not.

because we put 12 years in going sideways. >> right. >> sooner or later you would hope that we're not satisfied with 15,000 on the dow. we went from 800 to 12,000. i want to go eventually from 10,000 to 50,000. if every thousand points is like pulling teeth, i don't have a vested interest. but it would be nice for all of us for prosperity if it reflects what our economy is. >> weight is good for wealth reporters. >> that's why i love you. i do. >> do you think the market -- does this feel like any other market period to you? have you been in these markets and you have been active since the 1980s. what does this feel like in terms of the stock market? >> i think it's more than just the stock market. i think people are looking for appreciation. they can't get yield. so they're going into assets they think will appreciate like

art. >> nowhere else to go. >> apartments. look at the price of apartments in new york. >> at the very high level especially. >> downtown, the downtown prices -- downtown is more expensive than uptown today. and the prices are just enormous in the cities people want to live in. and a lot of foreign investment into new york for living. a lot of brits, french, germans are buying apartments, big apartments. >> and you bought your place that you're living when? 1990s? >> i bought it when i first moved here in 1980. >> so on a multiple basis what's that worth? >> might have been the best deal he's ever done. >> probably 15 times. >> your place in the hamptons,

probably the most valuable estates. >> well, that's unique because it was -- when i bought it it was so beat up, so ugly. >> it's like 50 acres, right? >> it's 80. >> 80, sorry. >> but everybody turned it down. it was on the market four years. it was a really strange -- >> the acreage has appreciated. >> what's it near? >> that's one of the problems. nobody liked it. right across the street from the airport. so it's not in one of these posh areas. >> and you had a fund-raiser for mitt romney and that caused a lot of attention. because you had given to obama. >> but he saw the light. he came around. >> are you democrat or republican? >> complete independent. i support candidates that i like

irrespective of the party they're in. i supported many republicans, democrats. i was a big supporter of the clintons. >> do you like hillary in 2016? >> i think hillary is fabulous. she would be great. jeb bush would be great. i think hillary is one of the great assets we have in america. >> hillary or jeb bush, who are you taking? >> i would have a very hard time with that? i think -- i don't know. >> do you know them both? >> i know them both. i know hillary much better. but i respect them both. i think they're both very, very smart. i think they're both very direct. and i think they would both be good presidents. >> have they both come to you? >> no. >> you get a lot of candidates coming to you almost every election. >> that is true. >> but you haven't picked one yet? >> i would have a hard time. i would. but hillary has been my pal for a long, long time. i would probably have to go on

that side. >> where has obama gone wrong? what happened? >> from my point of view? >> yes. >> i think he's terribly indecisive. and i think he announces positions. then when the red line comes, the game changing point comes, it moves again. that is a microcosm of what he does with everything. he is certainly a brilliant game. he's certainly got the tools, the kpoft to make change. but i don't think he's got the focus or the force or the direction. >> but i'm sure fill of kael and eye dee logically he is different than the person he was initially too. >> i think that's true with everybody. >> in terms of private sector, in terms of, i wouldn't know, i

just remember certain comments. like if you have made a certain amount of money i think you should stop. zero sum game. >> if you didn't build. >> i don't know. i think you have used paoefpl much more virtuous if you drove a bus 40 years or if you create 100,000 jobs. >> that's why america is so great. we're the only country. my grandfather came over and couldn't speak english. and in two generations you have the ability to do anything your capacity allows. >> he came over -- his father was a waiter in an italian restaurant. the american success story everyone dreams of. and there they are bashing. >> i'm on my way tomorrow to omaha to see warren buffett.

what do you think of something like the buffett rule and taxing wealthy people at higher rates? >> well, i think wealthy people should be taxed. if you can afford it, that's where the money has got to come. they have to raise the money. but i don't think it should be a tax that shows the desire or the interest or the financial reward for taking risk. because that's another part of what made america great. is that if you took the risk and reaped benefits and rewards from it, you could keep that. i could get it to the next which really bothers me which is estate tax. >> you don't believe it should exist at all? >> at all. >> for anybody? >> for anybody. you're taxed on the creation and then you're taxed --

>> they have put it into stuff after making it and paying tax. >> that's the capital gains issue. >> difficult deposition and what's the right rate for capital gains. what's the optimal rate. >> what would you like to see? >> we'll sneak in a break and continue the conversation. >> it's only an hour. you have to agree to another hour. coming up, more from our special guest -- because we don't have time -- ronald perelman, columbia business school dean glenn hubbard. ecb cut interest rates for the first time in 10 months. things are going swimmingly. president mario draghi was channeling trichet. oh, liesman is out there listening. steve, have you heard anything that you need to tell us right now or are you going to tease it? >> just a couple points, joe. draghi is saying it is broadly

balanced. might be a clue he's not going to do too much more in the way of rate cuts. he is saying there is a bunch of liquidity under discussion, including helping the asset-backed security market for small, medium sized companies. bottom line, they will continue, maybe enhance the nonstandard measures. no hints just yet. questions starting right now about whether or not additional rate cuts could be coming. i think we're going to break. bny mellon combines investment management & investment servicing, giving us unique insights which help us attract the industry's brightest minds who create powerful strategies for a country's investments which are used to build new schools to build more bright minds. invested in the world. bny mellon.

welcome back to "squawk box." we have to get to kate kelly who has news. >> embattled steve cohen announcing he's instituting employee clawbacks starting the 1st of next year for anybody on his team who is connected to any sort of problems that result in sanctions. and they're putting on new limitations with the contact their traders can have with public company employees. it will be ir folks, senior management and any else has to be approved by sac. these are all measures to combat

the perception there might be insider trading going on in the past cohen says in the letter has not acceptable and has never been. >> okay. kate kelly, thank you for that update. sure to hear a lot more about that today. coming up. we've been talking with billionaire finance ser perelman and we'll talk to him when "squawk box" lear [ female announcer ] each one of us is our own boss. ♪ and no matter where you are in life, ask your financial professional how lincoln financial can help you take charge of your future. ♪ omnipotent of opportunity. you know how to mix business... with business. and you...rent from national.

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welcome back to "squawk box." more on my special guest. ronald perelman and glenn hubbard. we forget because sometimes we're not on camera and talk about good points. >> one of your point was higher taxes or something positive. your point as a free market type guy, higher taxes basically on rich people will not do anything for the deficit. >> we have two points, and wo, we ought to be concerned about growth. secondly, more importantly, this is just not a solution to the fiscal problem. you could raise taxes on people like ronald as high as you like and you won't make a -- >> it's the fairness article. i had him read arthur brooks. i paid him. he wanted to get paid on the

appendix. >> i read it for free! >> you know where he talks about there's two kinds of fairness. there's fairness where you get what you deserve, if you told harvard business school students you will give everyone a b because the as and cs average out and then there's the egaltarian fairness, the only reason you sometimes argue about corporate compensation, argue about taxes. >> the argument ronald and i were just talking about if you want to live in new york city and the benefits, it will cost you more. >> it doesn't give the government the right to throw it away? >> no. >> what needs to be fixed to get top line growing, to get more deals, to get more growth? >> you'll have to ask glenn that question. that's too complicated. >> can't it come from the bottom up and ignore the government stuff and say it will be about

entrepreneurs and innovation and technology and shouldn't that be the focus? >> if that's the only focus we will wait 5 years or 10 years or 7 years for that workforce to be retrained. you can't wait that long. >> i think rommed's ginald's gi and gifts like that -- our country is built on the bottom up of entrepreneurship. the best the country can do is be neutral and not screw it up. >> you know how much we owe china and if we don't raise taxes we have to cut. how do you cut things people supposedly decide they want. does the public want all these things? >> we have a choice. we can either reduce the growth of entitlement spending and the well-to-do or pay higher taxes. that's a choice, a political choice. i hope you choose the former. >> i have a public policy

question for you. >> why don't you ask glenn those questions? >> a number of friends of yours from wall street have been e-mailing throughout the program. one of them asked me to ask you what you think of the banks right now, whether we should break up the banks, whether they're too big or too small. how do you as somebody who has been financing, worked with wall street feel about that issue. >> all too big to fail. >> there's books. >> i want to see somebody who wrote. >> i want to know also. i think that the banks getting out of certain of their riskier portfolio assets they own, i think, will allow them to be -- to grow to any size they can. i don't think we should limit the size of the banks. if they are watched and if they are limited in the scope of activities thaty participate in, thick that's enough. i think it's very very difficult

to say to an enterprise, be it a banking enterprise or anybody, you can't grow any bigger. i think that's sort of silly. >> that does it, right? >> came to a screeching halt. silence. >> i know people want to know how he feels about wall street. i'll tell you after. really. >> ronald, let me end with, at this stage in your life, your success, what's the next sort of big mountain for you to climb? how do you define the next big achievement for yourself? >> i don't think you can look at big achievements. they come like money made by the pennies. i think they come when they come. it's a question of a lot of singles and a couple doubles. i love what i do. my father is 96 years old and goes to work everyday. loves what he does. my life is normalized and

rationalized. i have two young kids, 2 years old and 10 months old. i love it. i love everyday, i love everything that i do. my kids have -- all of them have brought new life into -- new vigor into my life. >> your first tv interview in -- there's something else you love. >> i love only doing it with you. >> good. >> good way to think about it. here's another tweet. some guy, perelman hits a home run on his first tv at bat. >> you're giving me all the good ones. >> there haven't been -- no ex-wives writing in. >> that's good. that's good. there are a lot of them. they'd fill up your screen. >> it's helping with the ratings. >> nielsen ratings just on ex-wives. please come back. you have been a guest host again. we haven't had you on quite a l

lot, it's coming again in 2014, speaker pelosi. think about that. >> another $100 million. >> thank you for joining us. >> i should say thank you to kristin taylor, who put all this together, terrific with ronald. you were great. >> thank you very much. make sure you join us tomorrow. "squawk on the street" begins right now. on a morning where his holiness, pope francis tweeting about unemployment, the market zeroing in on central banks and economic data. good morning. i'm car quintanilla with my guests, live at the stock exchange. big earnings out of gm and facebook, jobless claims falling to the lowest since 2008. euro is relative ly flat as draghi gives the ecb press